IMF steering committee forgoes communique due to Russian objections
The Hindu
"Unfortunately, due to one member country breaking away we didn't have the unanimity so as to have the communique," Spanish Finance Minister Nadia Calvino said
Russia's refusal to agree to strong language condemning its war in Ukraine prevented the steering committee of the International Monetary Fund from issuing a formal communique on April 21, the panel's chair said.
"Unfortunately, due to one member country breaking away we didn't have the unanimity so as to have the communique," Spanish Finance Minister Nadia Calvino, who heads the committee this year, said at a press conference.
Ahead of Ms. Calvino's remarks, two sources had told Reuters that Russia's objections were preventing a full consensus being reached on a formal communique that would have included a strong condemnation of the war that began with its invasion of Ukraine in February. The IMFC issued a "Chair's Statement" in its place.
"The chair statement reflects an overwhelming majority view on all the elements...in these dark times, where multilateralism...is more important than ever," Ms. Calvino said.
The 24-member International Monetary and Financial Committee meets twice a year at the spring and fall meetings of the IMF and World Bank, and advises the IMF Board of Governors. While it has no formal decision-making powers, the IMFC's regular communiques provide strategic direction for the fund's work.
Russia's invasion of Ukraine and its massive impact on the global economy have dominated this year's spring meetings of the bank and fund, and high-level meetings held on the sidelines.
The meetings have "not been business as usual," Ms. Calvino said, repeating what has become a stock turn of phrase to describe the semi-annual gathering of global finance leaders that has featured walkouts by major western economy officials from sessions attended by Russian officials. U.S., British and Canadian officials again left Thursday's meeting as the Russian delegate spoke.
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